한국의 반도체 수출이 처음으로 400조원을 넘어섰으며, ChangXin Memory (CXMT)는 Samsung과 SK Hynix를 초과하는 수익률을 달성했다.

Driven by sustained investment in AI computing infrastructure, South Korea’s semiconductor exports have reached a historic milestone. Data from the South Korea Customs Service released on September 11 indicates that cumulative semiconductor exports through September 10 totaled $297.68 billion (approximately 400.5 trillion won), surpassing the 400 trillion won mark for the first time. This figure already dwarfs the full-year 2025 record of 233.3 trillion won, with 2026 still less than three-quarters complete.

In just the first ten days of the month alone, semiconductor exports hit $16.48 billion, representing a 270.1% year-on-year surge and setting a new period high. Semiconductors now constitute 47.1% of South Korea’s total exports, up 23.9 percentage points from the same period last year. Put simply, nearly one dollar of every two dollars in South Korean exports now comes from chips.

The primary drivers of this surge are Samsung Electronics (005930.KS) and SK Hynix (000660.KS). Leveraging the critical role of High Bandwidth Memory (HBM) in AI servers and benefiting from rising memory chip prices, both companies have delivered record results for two consecutive quarters. Samsung’s semiconductor division reported cumulative first-half revenue of 209.2 trillion won (approximately $155.5 billion) and operating profit of 142.9 trillion won (approximately $106.2 billion). Over the same period, SK Hynix posted cumulative revenue of 131.895 trillion won (approximately $98 billion) and operating profit of 98.1529 trillion won (approximately $73 billion), achieving an operating margin of 76.3%.

The concentration of export value in semiconductors is becoming entrenched. As of September 10, South Korea’s cumulative total exports reached $728.56 billion, already exceeding the full-year 2025 total of $709.3 billion. Globally, only the United States, China, and Germany have ever recorded annual exports above $1 trillion. If semiconductor exports sustain their current trajectory through the second half of the year, South Korea is poised to become the fourth nation to cross that threshold.

Kim Dong-won, head of research at KB Securities, noted that rising memory chip prices and expanding HBM supply have placed Samsung Electronics in a phase of rapid earnings growth. He anticipates the company will distribute a 30 trillion won (approximately $22.3 billion) cash dividend in the third quarter, with additional shareholder returns likely via share buybacks, cancellations, and further cash payouts before year-end.

Semiconductor strength has also reshaped capital flows in South Korea’s equity markets. According to FnGuide, between September 1 and 7, Samsung Electronics was the most-searched stock among domestic investors with 1,672 queries, followed by SK Hynix with 1,342. Hyundai Motor ranked third with only 679 searches—less than half the volume recorded by either semiconductor leader.

Meanwhile, Chinese manufacturers have emerged as a formidable force in the global memory chip landscape. Data from economic research platform QUICK FactSet shows that in the second quarter of 2026, China’s CXMT achieved an EBIT margin of 82%, surpassing SK Hynix’s 76% and Samsung Electronics’ semiconductor division’s 70% to become the world’s most profitable memory chip maker for the period. CXMT’s revenue grew approximately tenfold year-on-year in the same quarter, marking the fastest expansion among six tracked peers: CXMT, Samsung, SK Hynix, Micron, Kioxia, and SanDisk.

This margin expansion aligns with structural shifts in memory supply and demand. Samsung, SK Hynix, and Micron have reallocated significant production capacity toward HBM for AI servers, constraining standard DRAM supply and driving DDR5 prices sharply higher—a dynamic that has directly benefited CXMT.

Counterpoint Research’s global DRAM analysis reveals that total industry revenue surged 385% year-on-year in Q2 2026. Samsung Electronics led with a 38% market share, followed by SK Hynix at 25% and Micron at 24%. CXMT’s share rose from 4% a year earlier to 10%, gaining 2 percentage points quarter-on-quarter to rank fourth. This marks the first time the company’s quarterly DRAM market share has reached double digits.

Headquartered in Hefei, Anhui Province, CXMT focuses on the design, development, manufacturing, and sales of dynamic random-access memory (DRAM) chips. Founded in 2016, its parent company, CXMT (688825.SS), listed on China’s STAR Market on July 27, 2026. Financial disclosures show first-half revenue of CNY 150.31 billion (approximately $22.4 billion), up 873.64% year-on-year, with net profit attributable to shareholders reaching CNY 77.605 billion (approximately $11.6 billion), reversing prior-year losses. The gross margin on its core business stood at 84.84%. Second-quarter revenue alone hit CNY 99.51 billion (approximately $14.8 billion), surging 977.4% year-on-year and rising approximately 95.9% quarter-on-quarter.

CXMT attributed its dramatic earnings growth to rapidly expanding global computing power demand, DRAM supply constraints, and substantial price increases. First-half R&D investment totaled CNY 6.859 billion (approximately $1.0 billion), up 87.38% year-on-year. The company has established a dual-base manufacturing footprint for 12-inch DRAM wafers in Hefei and Beijing, with monthly wafer starts projected to exceed 300,000 by the end of 2026.

The robust cash generation of South Korea’s semiconductor giants has intensified scrutiny over shareholder returns. Both companies have announced combined payout plans exceeding 130 trillion won (approximately $97 billion) for the year, yet investor enthusiasm remains muted. Despite a 67% year-to-date rally fueled by AI optimism, the KOSPI index remains roughly 26% below its all-time high set in June.

This divergence highlights persistent challenges surrounding the “Value-Up” initiative championed by South Korean President Lee Jae-myung. Launched in 2024, the program aims to address the so-called “Korea discount”—the tendency for South Korean equities to trade at lower valuations than global peers due to concerns over corporate governance, capital allocation, and minority shareholder rights. According to Goldman Sachs, the KOSPI currently trades at just 4.3 times forward 2027 earnings, significantly below the Asia-Pacific average of 11 times.

“The Korea discount is unlikely to disappear in the near term simply because Samsung and Hynix are returning more cash,” said Clarence Lee, chief portfolio analyst at T. Rowe Price. “It remains partly structural and requires evidence of sustained participation from a broader universe of companies.”

Samsung Electronics’ shareholder return strategy has drawn particular criticism. The company plans to distribute approximately 30 trillion won in cash dividends in the third quarter, with total 2026 shareholder returns expected to range between 90 trillion and 110 trillion won. However, critics note the plan lacks firm commitments to share buybacks and relies heavily on special dividends, which some argue disproportionately benefits the controlling family over minority investors.

Kim Kyu-shik, portfolio manager at Singapore-based hedge fund Vista Global Asset Management, stated he was “very disappointed” with Samsung’s announcement. He argued that the absence of buyback commitments sends a “negative signal” that management does not believe its own stock is undervalued, calling Samsung Group’s ownership structure the “Achilles’ heel” for advancing repurchases.

The hesitation stems from regulatory constraints: large-scale buybacks and cancellations could push major affiliated shareholders—Samsung Life (032830.KS) and Samsung Fire & Marine Insurance (000810.KS)—beyond regulatory ownership caps. Forcing these entities to reduce stakes below 10% would trigger stricter regulatory scrutiny of Samsung Electronics’ corporate structure and potentially threaten the founding family’s control.

In response, Samsung Electronics issued a statement emphasizing that shareholder returns are determined with investors at the center. “Whether financial affiliates sell shares for compliance purposes is not a consideration in that decision,” the company said, noting that buybacks are merely one tool among many. It highlighted that the 2026 plan already features large-scale cash dividends and committed to “executing return policies that include dividends as w